Recently, the control of voltage instability through appropriate power factor correction programmes has become a necessity in power systems due to recurring blackouts and cascading outages that interrupt the smooth supply of electricity to customers. The study examined the combined effect of a Static Synchronous Compensator (STATCOM) and a Static Synchronous Series Compensator (SSSC) for voltage stability enhancement of the Nigerian 330 kV, 28-bus power network. Before compensation, several buses in the network experienced voltage magnitudes below the statutory limit. The application of the combined STATCOM-SSSC system improved the voltage magnitudes at these critical buses, bringing them within acceptable levels. The integration of STATCOM-SSSC also minimized the total active and reactive power losses of the system by 12.51% and 6.65%, respectively, resulting in an annual cost saving of 1.55 billion Naira in power exports. The study demonstrated that the hybrid use of STATCOM and SSSC effectively enhanced the voltage stability of the Nigerian 330 kV power grid. The findings highlight the benefits of implementing advanced reactive power compensation techniques to improve the performance and resilience of the Nigerian power system.